Monday, May 22, 2006

FORTUNE: Online scams create "Yahoo! millionaires"

FORTUNE: Online scams create "Yahoo! millionaires" - May 29, 2006:

"'The deterrent factor is not there at all,' says Thomas Oli, a Lagos lawyer, citing the case of a former police inspector general who was convicted of stealing more than $100 million and got only six months in jail.
'What do you want me to do?' Akin asks in pidgin English, explaining why he turned to a life of Internet crime. 'It is my God-given talent. Our politicians, they do their own; me, I'm doing my own. I feed my family - my sister, my mother, my popsie. Man must survive.'
The scams perpetrated by Akin and his comrades are many and varied: moneygram interceptions, Western Union hijackings, check laundering, identity theft, and outright begging, with tall tales of dying relatives and large sums of money in search of safe haven. One popular online fraud often practiced by women (or boys pretending to be women) involves separating lonely men from their money."


It's interesting how the story parallels the excuses of the drug economy in the United States.

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